There's some really good news coming out of the National Federation for Independent Business, which is reporting a record high in optimism and plans for growth among its membership of American small businesses. And importantly, it's not just good news for the companies — it's good for workers, too! The NFIB Research Foundation has collected Small Business Economic Trends data from NFIB’s membership with quarterly surveys since 1973 and monthly surveys since 1986. The most recent was conducted in August 2018, and the report is awesome.
Some highlights:
Small Business Optimism Shatters Record Previously Set 35 Years Ago
- All-time high number of businesses saying it's a good time to expand
- 26% of businesses are creating new jobs
- 38% have job openings they can't even fill
- Record number of companies are planning to build up inventories
NFIB Chief Economist Bill Dunkelberg said that at the beginning of the current expansion period, their report was “dominated by expectations: good time to expand, expected real sales, inventory satisfaction, expected credit conditions, and expected business conditions. Now the Index is dominated by real business activity that makes GDP grow: job creation plans, job openings, strong capital spending plans, record inventory investment plans, and earnings. Small business is clearly helping to drive that four percent growth in the domestic economy.”
Read the complete Small Business Economic Trends report.
What does all this mean for your business?
You need tools at your disposal to help you take advantage of the growing economy.
- First, and foremost, a business software solution integrated into your company on-time, on-budget, and within scope or on-target, i.e., your processes are defined and optimized according to best practices.
- Technical support for that software solution, that's knowledgeable, courteous, and prompt, dedicated to resolving customer issues and requests as quickly – and accurately – as possible.
- Professional services superstars for that very same solution to deliver ongoing assistance with optimizing your system, training new users, customizing reports, upgrade assistance, and managed services.
When you make an investment in a software system — ensure you're set-up for success, after the sales, and can reap the rewards of that investment.
This is the time to take that next step for your business — to put good systems (and support) into place to power profitable growth.
